Kim Kardashian to pay $1.26 Million towards “Unlawful Touting” SEC Charges

* Rachel Gold is a law clerk in the Corporate/Securities Law practice group.

Following up on its action against other celebrities who have promoted crypto investments without disclosing their compensation interest, the Securities and Exchange Commissions (“SEC”) announced “unlawful touting” charges and Order against reality star Kim Kardashian for promoting a cryptocurrency on social media without acknowledging that she was being compensated for the post. This enforcement action is a reminder that it is not just the Federal Trade Commission (“FTC”) who is enforcing compensation disclosures on social media. Read More ›

Andrew Lustigman Contributes to Business Ethics During COVID-19 Companies Digest Article

Andrew Lustigman, head of Olshan’s Advertising, Marketing & Promotions Practice Group, was featured in a Companies Digest article comprising assessments by leading business law attorneys. Read More ›

Supreme Court Limits the SEC’s Ability to Obtain Disgorgement of Revenues

Highest court affirms the right of the SEC to recover fraudulently obtained profits Read More ›

SEC Brings Enforcement Actions Against Companies for Misleading COVID-19 Claims

The U.S. Securities and Exchange Commission (the “SEC”) filed enforcement actions on May 14, 2020, against two unrelated companies, Turbo Global Partners, Inc. (“Turbo”) and Applied BioSciences Corp. (“APPB”). The SEC charged both companies with securities fraud based on alleged materially misleading statements that the companies were offering and shipping products to combat the coronavirus (COVID-19). These actions taken by the SEC are consistent with approaches taken by other regulators, including the Federal Trade Commission and Food and Drug Administration (the “FDA”), with regard to misleading statements made in connection with coronavirus-related products. On the whole, regulators appear to be particularly cognizant of businesses and individuals seeking to take improper advantage of the circumstances created by the global pandemic, and as such are taking action against such companies and individuals. Read More ›

U.S. Supreme Court Considers Limiting SEC’s Ability to Recover Disgorgement

Oral arguments held in Liu v. SEC Read More ›

Supreme Court Will Consider Whether the SEC has Authority to Seek Disgorgement

Liu v. SEC will also likely affect Federal Trade Commission’s powers Read More ›

The SEC Looks for More Transparency in Influencer Marketing

The SEC’s Office of Investor Education and Advocacy warns investors to be skeptical of endorsements from famous influencers marketing new investment opportunities. Read More ›

Boxing Legend Pays $614,000 To Avoid SEC Advertising Charges

Floyd Mayweather, Jr. Failed To Disclose He Was Paid For Social Media Posts Read More ›

Kokesh v. SEC: Potential Impact of Supreme Court Decision on FTC’s Restitution Practices

The FTC has increasingly relied on equitable monetary remedies (such as disgorgement based on gross revenues less returns) to avoid the applicability of an analogous statute of limitations defense.  The Supreme Court’s recent decision in Kokesh v. SEC  may change that practice. Read More ›